Tax Repatriation - Cutting MORE taxes for the 'Job Creators'

'A Senate panel on Tuesday released a study that concluded a 2004 law that gave U.S. corporations a huge tax break to bring foreign profits back home did nothing to create jobs, undercutting new proposals for a similar initiative to boost the listless economy'.

'The report found that overall, firms that took advantage of the America Jobs Creation Act to repatriate overseas income from 2004 to 2006 actually cut jobs and research and development spending, while raising stock buybacks and executive pay'.

'Although the companies were required to use the money for job growth and other investment — stock buybacks and executive compensation were specifically prohibited — no documentation was required'.
'From 2004 through 2006, Congress allowed qualified foreign income brought home to be taxed at a 5.25% effective rate instead of the usual 35% to spur investment and hiring. All told, 843 companies brought back $312 billion that qualified for the lower rate'.

'The Senate panel examined the 15 firms that brought the most income home, accounting for more than half of all the earnings repatriated. It found they employed nearly 21,000 fewer people in the U.S. in 2007 than in 2004. Pfizer, which repatriated the most income, $35 billion, was the second-largest job cutter, slicing employment by 11,748'.
From : http://www.usatoday.com/money/perfi/taxes/story/2011-10-11/corporate-tax-break/50735860/1

'Sept. 29 (Bloomberg) -- As a coalition led by Apple Inc., Google Inc., and Cisco Systems Inc. presses for a tax holiday on more than $1 trillion in offshore profits, it is turning to a well-positioned lobbyist: Jeffrey Forbes, once chief of staff to Max Baucus, chairman of the tax-writing Senate Finance Committee'.

'Though the studies found that money brought home in 2004 ended up benefiting a narrow set of shareholders, support is growing in Congress for the tax holiday as companies expand their roster of lobbyists. One case they are making is that the potential flood of cash will boost the faltering U.S. economy'.

'Those with Capitol Hill connections who are lobbying for the repatriation tax break include former Louisiana Representative Jim McCrery, who until 2009 was the top Republican on the U.S. House’s tax-writing Ways and Means Committee; Dena Battle, the former legislative director for that committee’s current chairman, Representative Dave Camp, a Michigan Republican; and at least four former staffers for House Speaker John Boehner'.
From : http://www.businessweek.com/news/2011-09-30/google-joins-apple-mobilizing-lobbyists-to-push-for-tax-holiday.html

The former staffs of the very people that got us INTO this mess, now want to give tax breaks to the corporations they NOW work for.

Hello Wall Street Protesters. THIS IS WHERE YOU NEED TO BE!!!!!!!!!!!!!!